Founder and CEO of Theranos, Elizabeth Holmes has been sentenced to 11 years in prison for defrauding investors. After losing the bid of staying out of prison due to lack of compelling evidence to be out on bail, Holmes is scheduled to go to prison on 27 April 2023. While in a different trial, the former CEO of Theranos, Ramesh Balwani has been sentenced to 12 years and 11 months in prison.

Theranos founder Elizabeth Holmes begins serving prison sentence

The 39-year-old founder of failed blood-testing company Theranos, Elizabeth Holmes, will begin her 11-year sentence today (Tuesday).&nbsp;

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Holmes and her ex-boyfriend and former business partner Sunny Balwani were accused of defrauding dozens of high-profile investors through their start-up. She was also ordered to pay $452 million (£365mn).&nbsp;

Once lauded as a Silicon Valley innovator, the 39-year-old entrepreneur, who is the mother of two, will now report to the prison camp in Bryan, Texas—an all-female facility about 160 kilometres (100 miles) outside of Houston.&nbsp; Balwani’s prison sentence began last month in California.&nbsp;

Following her sentence, Holmes will be under supervision for three years.&nbsp;

BBC, quoting experts, reported that she will not be able to declare bankruptcy and clear her debts that way. Prosecutors have probably already begun to seize her assets, including money in the bank and properties.&nbsp;

In January 2022, Holmes was charged with four counts—one count of conspiracy to defraud investors, and three counts of wire fraud against investors—for duping&nbsp;investors that she had developed a revolutionary medical device. However, her claims were busted following an investigation by The Wall Street Journal.

The company had attracted investments from high-profile honchos like Rupert Murdoch, the Walton family, and former Education Secretary Betsy DeVos.&nbsp;

<h2 dir="ltr">Once celebrated as a tech visionary</h2>

She was once celebrated as the next tech visionary on magazine covers and collected mountains of investors' cash, but it all collapsed after the Wall Street Journal report revealed that the machines did not work as promised.&nbsp;

The prosecutors said that she lied to her investors from 2010 to 2015 by claiming that Theranos Inc's technology could run many tests on one drop of blood from a finger prick.&nbsp;

The 39-year-old had pleaded not guilty to charges that she lied about Theranos and said the firm's lab directors were in charge of test quality.&nbsp;

Before her jail sentence in November 2022, she apologised to the employees, investors, and patients of Theranos.&nbsp;

''I loved Theranos. It was my life's work. The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings. I'm so, so sorry. I gave everything I had to build our company and to save our company. I regret my failings with every cell in my body.''

(With inputs from agencies)

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The 39-year-old founder of failed blood-testing company Theranos, Elizabeth Holmes, will begin her 11-year sentence today (Tuesday). Holmes and her ex-boyfriend and former business partner Sunny Balwani were accused of defrauding dozens of high-profile investors through their start-up.

The 39-year-old founder of failed blood-testing company Theranos, Elizabeth Holmes, will begin her 11-year sentence today (Tuesday). Holmes and her ex-boyfriend and former business partner Sunny Balwani were accused of defrauding dozens of high-profile investors through their start-up. She was also ordered to pay $452 million (£365mn). Once lauded as a Silicon Valley innovator, the 39-year-old entrepreneur, who is the mother of two, will now report to the prison camp in Bryan, Texas—an all-female facility about 160 kilometres (100 miles) outside of Houston. Balwani’s prison sentence began last month in California. Following her sentence, Holmes will be under supervision for three years. BBC, quoting experts, reported that she will not be able to declare bankruptcy and clear her debts that way. Prosecutors have probably already begun to seize her assets, including money in the bank and properties. In January 2022, Holmes was charged with four counts—one count of conspiracy to defraud investors, and three counts of wire fraud against investors—for duping investors that she had developed a revolutionary medical device. However, her claims were busted following an investigation by The Wall Street Journal. The company had attracted investments from high-profile honchos like Rupert Murdoch, the Walton family, and former Education Secretary Betsy DeVos. Once celebrated as a tech visionary She was once celebrated as the next tech visionary on magazine covers and collected mountains of investors' cash, but it all collapsed after the Wall Street Journal report revealed that the machines did not work as promised. The prosecutors said that she lied to her investors from 2010 to 2015 by claiming that Theranos Inc's technology could run many tests on one drop of blood from a finger prick. The 39-year-old had pleaded not guilty to charges that she lied about Theranos and said the firm's lab directors were in charge of test quality. Before her jail sentence in November 2022, she apologised to the employees, investors, and patients of Theranos. ''I loved Theranos. It was my life's work. The people I tried to get involved with Theranos were the people I loved and respected the most. I am devastated by my failings. I'm so, so sorry. I gave everything I had to build our company and to save our company. I regret my failings with every cell in my body.'' (With inputs from agencies) WATCH WION LIVE HERE

Elizabeth Holmes, former chief of Theranos, to begin her 11-year sentence on Tuesday

A US court has denied the latest request by Elizabeth Holmes to remain free and ordered her to start serving prison time on May 30. Holmes sought to appeal her fraud conviction.&nbsp;

But US District Judge Edward Davila set the date on Wednesday for the 39-year-old Holmes, who has to serve 11 years and three months in jail for defrauding investors with her Silicon Valley start-up Theranos.

Holmes was found guilty of deceiving investors into believing she had invented a groundbreaking medical device. She became famous after she said that Theranos' small devices could perform a variety of diagnostic tests with only a few droplets of blood.&nbsp;

In 2014, she was even named by Forbes the world's youngest female self-made billionaire at the age of 30, and her stake in Theranos was valued at $4.5 billion. Theranos went bankrupt after a series of Wall Street Journal stories questioned its technology in 2015.

Media reports have mentioned that US Judge Davila has recommended that she do her time at a women's prison in Texas.&nbsp;

Davila also ordered Holmes and her senior Theranos lieutenant, Ramesh "Sunny" Balwani, to pay $452 million to victims of their scam, including Fox News owner Rupert Murdoch, who is owed $125 million.&nbsp;

Davila and the 9th Circuit rejected Balwani's requests to remain free on bail during his appeal and he began serving his sentence on April 20.&nbsp;

Holmes was supposed to start prison time in late April, but her lawyers filed a last-minute appeal on procedural grounds after an earlier attempt was dismissed.&nbsp;

During the trial, prosecutors said that Holmes misrepresented Theranos' technology and finances. Holmes testified in her own defence, stating that she thought her remarks were correct at the time.&nbsp;

Holmes is appealing several of the judge's judgements, including his acceptance of information about Theranos' test accuracy that predated her investor disclosures.&nbsp;

(With inputs from agencies)&nbsp;

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A US court has denied the latest request by Elizabeth Holmes to remain free and ordered her to start serving prison time on May 30. Holmes sought to appeal her fraud conviction.

A US court has denied the latest request by Elizabeth Holmes to remain free and ordered her to start serving prison time on May 30. Holmes sought to appeal her fraud conviction. But US District Judge Edward Davila set the date on Wednesday for the 39-year-old Holmes, who has to serve 11 years and three months in jail for defrauding investors with her Silicon Valley start-up Theranos. Holmes was found guilty of deceiving investors into believing she had invented a groundbreaking medical device. She became famous after she said that Theranos' small devices could perform a variety of diagnostic tests with only a few droplets of blood. In 2014, she was even named by Forbes the world's youngest female self-made billionaire at the age of 30, and her stake in Theranos was valued at $4.5 billion. Theranos went bankrupt after a series of Wall Street Journal stories questioned its technology in 2015. Media reports have mentioned that US Judge Davila has recommended that she do her time at a women's prison in Texas. Davila also ordered Holmes and her senior Theranos lieutenant, Ramesh "Sunny" Balwani, to pay $452 million to victims of their scam, including Fox News owner Rupert Murdoch, who is owed $125 million. Davila and the 9th Circuit rejected Balwani's requests to remain free on bail during his appeal and he began serving his sentence on April 20. Holmes was supposed to start prison time in late April, but her lawyers filed a last-minute appeal on procedural grounds after an earlier attempt was dismissed. During the trial, prosecutors said that Holmes misrepresented Theranos' technology and finances. Holmes testified in her own defence, stating that she thought her remarks were correct at the time. Holmes is appealing several of the judge's judgements, including his acceptance of information about Theranos' test accuracy that predated her investor disclosures. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Theranos founder Elizabeth Holmes to report to prison in two weeks

Theranos founder Elizabeth Holmes sentenced to 11 years in prison for defrauding investors